Russia's central securities depository (CSD) is working with a tech startup to test the exchange and transfer of blockchain assets.
The project is part of a broader fintech initiative conducted in partnership between the Russian National Settlement Depository (NSD) and the National Research University's Higher School of Economics. A total of 10 startups took part. NSD is working with a startup called iCoinSoft, which according to its website designs white label exchange software for cryptocurrencies.
NSD said today that it was experimenting with "the circulation of blockchain assets" and that it had already begun working in tandem with clients on the potential application.
The firm explained:
The test is the latest for the NSD, which has to date taken a proactive approach to testing blockchain.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.